It certainly is busy around here with half of Canada calling to see about refinancing their mortgages into a nice low interest rate.
Lenders are getting very competitive and the latest examples of this are:
- A 21 month mortgage. (OK – it’s weird, but it’s unique!). Want something that is one year and nine months long? All of the savings of a 1 year fixed, with nine months extra? Pick the 21 month mortgage. It’s longer than a one year! It’s shorter than a two year! It’s hard to market!
- A new variable / adjustable rate mortgage at Prime +.6%. A year ago you would have laughed, but today that’s the best VRM / ARM rate in Canada. At 2.85% and a guarantee from the Bank of Canada that rates won’t go up until June 2010, it might be a good choice.